The real estate market in Las Vegas has recovered substantially since 2012. But, what does that mean if your home is worth more than the average Vegas residence?
“The luxury market is really active this year, and it will only get busier,” says Traci Carzoo, founding partner and broker with Lusso – Residential Sales and Investments. With the booming stock market and two new professional sports teams, the Vegas Golden Knights and soon-to-be Las Vegas Raiders, coming to town, the city is well positioned to have a strong market for homes worth $700,000 or more, she says.
[Read: 5 Real Estate Trends to Know Before You Sell Your Las Vegas Home.]
But, Carzoo and other agents also point out there are currently numerous luxury homes on the market, so buyers have options. “In the million-plus price range, [Las Vegas] currently has a 24-month supply of homes, which is a high supply,” says Craig Tann, broker and owner at Huntington & Ellis. “But, if it is priced correctly and finished nicely, you could potentially get an offer within 60 to 90 days.”
To ensure you receive a timely offer, here are three tips from some of Las Vegas’ top real estate agents, as identified by Agent Explore, a real estate technology company (and U.S. News partner).
Price it right.
As with any property, setting the right price for your luxury home is one of the most important things you can do. Pricing your home too high could cause it to stay on the market longer, and if you have to lower the price, potential buyers might assume something is wrong with the property.
To find the perfect price for a new listing, real estate agents typically rely on “comps,” or homes in the area that are comparable and have recently sold. But for the unique luxury market, that can be tricky, Carzoo says. “It can be hard to provide accurate comps for luxury homes, so I also recommend getting an appraisal done so there is a range of valuations to go by,” she notes.
[Read: 4 Ways to Sell Your Las Vegas Home Fast.]
Make it good as new.
There are several new luxury developments in Las Vegas, so when you put your home on the market, you want to be sure it can compete with a new home. This means cleaning up and updating. “Make sure that everything that is broken in your house is fixed. Declutter — get rid of personal belongings and any traces of pets. Your home needs to show like a model, especially at this tier,” Carzoo says.
Because of new construction options, a luxury homebuyer is looking for high-end finishes such as real wood floors, stone, marble and top-of-the-line appliances. “You want to make sure you are offering a finished product that is competitive with what new homes are offering in terms of finishings and upgrades, and if it is not, it needs to be priced more competitively,” Tann says. He also says that staging, or working with an interior design expert to arrange and possibly rent furnishings, has been very effective in helping to sell million-dollar listings because it makes a home feel more like a model house.
Get smart.
Real estate experts agree that another popular trend in luxury homes is technology. “The trend is not so much big, huge mansions. [Buyers] want slightly smaller homes but with more technology — smaller but smarter,” Tann says. He adds that sellers who invest in home automation and other smart home upgrades are getting their money back because those homes sell for more.
[Read: 20 Best Places to Live in the USA.]
You also want to be smart when selecting a real estate agent to sell your home. Make sure the person has experience selling luxury homes. A few things to look for: Many agencies that specialize in high-end properties have a relocation department, which helps executives moving to the area find housing. Marketing expertise is also important — do their other listings include high-quality pictures? Do they have an international marketing strategy?
“Interview multiple brokers, and don’t choose based on pricing,” Tann says. “Choose one who you think is a best fit to sell the property and who will be focused on selling your home, not just building an inventory.”
Looking for a real estate agent in Las Vegas? U.S. News’ Find an Agent tool can match you with the person who’s most qualified for the job.
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3 Tips for Selling a Luxury Las Vegas Home originally appeared on usnews.com
